Michelle is attending college and has a part-time job. Once she finishes college, Michelle would like to relocate to a metropolitan area. She wants to build her savings so that she will have a nest egg to start her off. Michelle works out her budget and decides she can afford to set aside $50 per month for savings. Her bank will pay her 3% per year, compounded monthly, on her saving account. What will be Michelles balance in 5 years?

In five years, Michelle's balance will be $______

Twins Jessica and Joshua, both 25, graduated from college and began working in the family restaurant business. The furst year, Jessica began putting $2000 per year in an individual retirement account (IRA) and contributed to it for a total of 10 years. After 10 years she made no further contributions until she retired at age 65. Joshua did not start making contributions to his individual retirement account until he was 35, but he continued making contributions of $2000 each year until he retired at age 65. Assuming both Jessica and Joshua recieve 10% interest per year, how much will Jessica have at retirement? How much did she contribute in total? How much Joshua have at retirement? How much did he contribute in total?

At retirement; Jessica will have $_____

Amy and VInce want to save $7000 so that they can take a trip to Europe in four years. How must they save each month to have the money they need if they can get 8% on their savings?

The amount Amy and Vince will need to save each month is $_______

Lena has just become eligible to participate in her companys retirement plan. Her company does not match contribution, but the plan does average an annual return of 12%. Lena is 40 and plans to work at age 65. If she contributes $200 per month, how much will she have in her plan at retirement

When Lena retires, the amount she will have in her retirement plan is $_____

Stacey would like to have $1 million available to her at retirement. Her investments have an average annual return of 11%. if she makes contribution of $300 per month, will she reach her goal when she retires in 30 years

The amount stacy has after 30 years would be $_____

Jesse has just learned that she won $1 million in her state lottery. She has the choice of recieving a lump-sum payment of $312,950 or $50,000 per year for the next 20 years. Jesse can invest the lump sum at 8%, or she can invest the annual payments at 6%. Which should she choose for the greatest return after 20 years

If Jesse choose the lump-sum option, after 20 years she would have $______

Jen spends $10 per week on lottery tickets. If she takes the same amount that she spends on lottery tickets and invests it each week for the next five years at 10%, how much will she have in five years?

In five years, Jen will have $_____